Malaysian political scandal delaying uFun Club investigation?
At the time of publication, some four complaints against uFun Club have been registered in Malaysia.
Authorities are reported to be investigating the complaints, but by and large there’s a noticeable lack of inaction from Malaysian regulators.
At present several key members of uFun Club are believed to be hiding out in Malaysia. uFun Club is also on a Central Bank of Malaysia blacklist, yet independent regulatory action against the scheme is nowhere to be found.
Instead we have Malaysian regulators sitting around doing nothing, while they bleat on about how Thailand hasn’t made any official request for an investigation yet.
uFun Club’s ringleaders in the meantime remain at large, with their actions and movements presumably not being monitored.
With a global $1.17 billion dollar Ponzi scheme operating right under their noses, yesterday saw me ask the question: How on Earth is this possible?
Now, it’s revealed that the answer may lie in Malaysian politics.
Interviewing a former staffer at The Star Online, a prominent Malaysian media outlet, a panelist on the Thai TV show Now 26 posed the following question:
We’re getting some reports suggesting that some influential politician (is) backing up the uFun Malaysia. Is that correct?
Here’s the answer he was given:
Yeah the family members of a certain politician was involved as an Executive Chairman in one of the sister companies of uFun.
Well, that’d certainly explain a lot.
Who this politician is I have no idea, as no names were mentioned on the Now 26 show.
What’s the bet though this jackass’ family are pulling strings within the police force and trying to play this whole thing down?
As a followup question, the host of the Now 26 show asks,
So is that going to be a challenge though, for the process? Y’know… being politically correct here, is that going to be a challenge?
Or do you think, from your experience, from past cases, similar ones, how do you think this is going to play out?
To which the former The Star Online staffer replied;
It’s a very sensitive issue.
(excruciatingly awkward pause)
Well we hope that um, the police will take the appropriate actions.
Riiiiiiiiiiiiiiight. Because that’s clearly what’s been happening so far.
Seriously, if anyone’s got any other explanations as to how a $1.17 billion dollar Ponzi scheme receives a complete lack of attention from the company its fugitive management have fled to, I’m all ears.
And Malaysia, influential politician or not, you need to get your shit together.
Step one would be acknowledging Thai authorities reaching out to you and pulling your thumbs out of your asses.
There’s a crap-ton of money at stake here, and every day uFun Club’s management are permitted to run amok the paper trail on the hundreds of millions invested grows colder.
To any readers in Malaysia who might be reading, who is this “influential” politician?
We want names!
just within the last week, ufun has opened an office in south korea, and introduced it’s ponzi scheme in pakistan and ghana.
the second largest ponzi scheme of all time, is being allowed to run amok Across The World, because the malaysian police are shit scared of a political families ‘power’.
well, the ponzi will be stopped by other nations, and that’s going to be such an Embarrasing international incident for malaysia. because, everyone knows what’s going on!
Damnit, I need a better translation!
Who fled the country???
Thai and Malaysian auto-translation is so crappy!
Some guy on some Thai television show, who you can’t name, said that the family of a Malaysian politician, who you can’t name, was involved in this scam.
Therefore, the Malaysian regulatory system is hopelessly corrupt and “needs to get their thumbs out of their asses” [sic].
I am sure something is going on, but before their’s more information, I suggest that you and the scatalogical “anjali” hold back on rubbishing an entire country.
at least, now the thai investigation, is looking at the International Spread of the utoken ponzi. up until now, we saw that they were addressing the issue, as a thai ponzi.
now the ball may get rolling.
at the end of the news clip there is a frame, which has the hierarchy of ufun, i just can’t capture that. can someone else try, and share it?
ozdelphi please come and help with the translation!
Who said anything about rubbishing the country?
It’s been what, nearly two weeks since uFun Club was shut down in Thailand and it’s management were confirmed to be hiding out in Malaysia?
Their regulators have totally dropped the ball here and should be called out on it.
A political scandal being the reason why only makes it even more scandalous.
You want to be disappointed, be disappointed at the Malaysian regulators letting this all happen.
ufun members are calling thailand a ‘puny’ little govt, and ‘corrupt’, you do not seem to find that scatalogical.
see the news clip, these are thai journalists asking the tough questions, and a malaysian journalist admitting to political scandal. go call them scatalogical or whatever.
As a Malaysian , I would say that sounded just about right.
Talking more about it would derail this thread far too much into a political debate but lets just say the bullshit people have political connection (to the ruling coalition) can pull in this country i really a point contention (quite an understatement, that is).
Read more here: manbiospeed1ufun-ubonuss.weebly.com/-ufun-club.html
Yes , a Ufun member from the Philippines said that. Regardless on what nationality the deluded person who said it was I do find that to be a sign of golden idiocy.
But then then again blaming the the authorities and accusing them of secret agenda/corrupt is pretty much coprolitic staple fed to ponzi sheeple.
Translated to English
Read more here: malizapeace.blogspot.com/2014/03/ufun-club.html
Dato ‘ Dr Warren (Money Master) is the founder of the UFUN Group Ltd and President of the Ufun Club International is a General Artiwat Soonpan (General No. 1 for King of Thailand),
UFUN Group Ltd. incorporated in Brunei and HQ based in Thailand while Ufun Store registered in Malaysia.
Now the main core business UFUN Group Ltd is a property development/developer, investors (JV), has been working with other developers such as Mah Sing Group for previous projects and latest working together with Bina Puri Holdings in the development of the project Marina Resort Bangkok Thailand.
Ufun Group Ltd also has been working with the Hijjaz in the gold market and later established Ufun Gold.
Ufun Group has also been involved in online business and created Ufun Store, business concept like Ufun EBAY, Amazon, mudah.com, … where Ufun Store serves as a platform for businesses selling their good.
UFUN STORE also has won the Asia Pacific entrepreneurship awards as “Asia Pacific Entrepreneur Excellence Award 2013” which included 300 company and acknowledged by Malaysian Prime Minister Dato Sri Najib b. Tun Razak.
See here: malizapeace.blogspot.com/2014/03/ufun-club.html
Remember folks this blog was written on 27 Mac 2014. malizapeace.blogspot.com/2014/03/ufun-club.html
Posting dated: 17 March 2011
KLANG: Dermaga Suasa Sdn Bhd (DSSB) and Sagajuta (Sabah) Sdn Bhd subsidiary Legenda Erajuta Sdn Bhd (LESB) will revive an abandoned project in Klang known as Intania Klang while developing a new concept street mall named 1Gateway adjacent to it. Read here: skyscrapercity.com/showthread.php?t=1342983
Interestingly Ufun MOA signing ceremony on the 26 April is for this for Rm1.2b 1Gateway Klang project.
the port klang authority [PKA] was developing the project with DSSB, which ran into problems.
a subsidiary of sagajuta, called LESB, was brought in as a white knight to assist in reviving the gateway klang project.
it seems ufun has an old relationship with sagajuta, the ownership of sagajuta may be a pointer to who is the brain and political power behind ufun.
big politicians can often be found to be ‘involved’ with ‘big builders’, because they can use govt ‘contacts’ for getting land at cheap rates, getting contracts on a preferential basis, and there’s lot of money in property.
so, who is sagajuta?? and who among sagajuta management is a bigshot politician, or related to one?
If you had watched the TV segment linked, you’d find she works for the Malaysia paper “The Star”. And yes, they gave her name.
The two bigshots in Sagajuta are Najib Tun Razak (full title: Nazifuddin bin Dato Seri) and Raymond Chan Boon Siew (Dato)
They’re linked to UFUNClub as far back as 2013, according to a carigold forum post (In Malaysian?)
Oops, I left out a word or two, argh. Hard to read those darn titles. Here’s the Bloomberg profile
Sagajuta (Sabah) Sdn Bhd:
managing director & CEO : Mr. Boon Siew Chan, also known as Raymond Chan.
executive chairman : Mohd Nazifuddin Bin Dato Seri Mohd Najib Razak.
who is nazifuddin??
deal with THAT!!!
Najip Razak( full name:Dato’ Sri Haji Mohammad Najib bin Tun Haji Abdul Razak )is the current Malaysian Prime minister, his father Tun Abdul Razak(full name Tun Haji Abdul Razak bin Dato’ Haji Hussein) was a also a former Prime Minister.
Their family have a very long history with malaysian politic starting from the PM’s grandfather Onn Ja’afar (full name: Dato’ Seri Onn bin Ja’afar).
The person you’re talking about is Nazifuddin Najib (full name Mohd Nazifuddinbin bin Dato’ Sri Haji Mohammad Najib) whic is the Prime Minister’s son. I can definitely see where the political angle is coming from.
Thanks for the correction. Reading this through a translator is like slow nail pulling.
What’s the relation of Dato Raymond Chan Boon Siew to our esteemed celebrity?
And what exactly does Sagajuta (Sabah) do? Bloomberg says Sagajuta is a real estate developement company and owns the 1 Borneo hypermall. There’s an ad company by the same name (subsidiary?).
Sagajuta is ran by Chan Boon Siew? Owned by a holding company, which itself is owned by yet another holding company.
Correction on my on correction:
The Najip political line did not have any direct relation to Onn Ja’afar. For some stupid reason my mind superimposed Tun Abdul Razak( Malaysia’s second PM) unto the third PM:Tun Hussein Onn(full name Tun Hussein bin Dato’ Onn ) .
Sorry for that.
chan and the malaysian PM’s son , were involved in some stock market manipulation of a company called ‘harvest court industries’ where they both made quick big bucks from a sudden pop in the stock.
chan made PM najib’s son the executive chairman of sagajuta when he was approximately only 28 years old. so we know, it is not naziffudin’s ‘experience’ that got him that post.
if the malaysian press has any bones, it should demand a statement from PM najib.
this is not some internal matter they can hold close to their chest and ask the world to frig off.
you want to spill your dirty ponzi into the world, you bloody well explain your actions.
[oz, i hope you are safe in exposing all this]
So uh, the Primeminister of Malaysia’s son is a uFun Club executive?
No bloody wonder they aren’t arresting people then.
What a disgrace.
IMHO, I think Malaysian Police is buying time for the PM to cut bait and declare “I don’t know what’s going on” and come up with a spin angle. This thing is too big for them to play dumb for long.
Either that or Sagajuta throws UFUN “under the bus”, i.e. “we’ve been tricked like Bina Puri”.
I’m trying to put this together but I’m running on fumes. Need sleep and I don’t want to mess up the story (the names are confusing enough).
Might put this off to tomorrow when I wake up.
There have been cases of Malaysian newspapers beens sued into bankruptcy (suing newspapers/news portal is quite common in Malaysia) by notable public figures(currently in an unrelated case the PM is demanding an apology with retraction from another news portal and are going to sue if the demand isn’t met) before.
As a result the news media here are quite reluctant to publish stories that might insinuate anything without more solid backing .
Until the authorities actually do anything they will only do cursory stories based on republished sources. Only after confirmed LE action the media attention to the level in Thailand may actually begin.
I don’t think they’re playing dumb. It’s more likely about not having a solid case yet (“WHO should we arrest for WHAT?”).
Here’s the Consumer Alert from BNM Bank Negara Malaysia. It’s just a general Financial Consumer Alert linking to a list of 207 companies or schemes. Ufun Club is #188.
Ufun Club was also blacklisted by the Malaysian Securities Commission in 2014, “List of unauthorised websites / investment products / companies / individuals”.
It hasn’t been reported by any foreign securities authorities yet.
UFUN started out as an estate agent for the Sagajuta development company.
UFUN CEO also runs UMATRIN
Note the co-founder
Nice work by the way guys, very impressive.
Looks like Malaysia just launched its investigation, pretty low key. This is reported from Nanyang, newspaper out of Singapore, and original report is in Chinese.
The ID of the secretary general is tentative. The CHinese transliteration is 阿烈斯 (Ah-Leeh-Si) which seems to correspond with Alias. I checked the kpdnkk website and that’s the only name that matches.
yeah right, they will not ‘seal’ them. give everybody plenty of time to hide any money away and cover their tracks.
there’s some ufun event going on in kuala lumpur, malaysia today. no info about whether anyone from management is attending.
i hope the press is covering the event, because then they will have to make a comment about it.
i hope the malaysian police is helping everyone park their cars and maintain pubic decorum. if they cannot bust ponzi schemes, they should at least do that.